I just heard some water dripping here in our basement and was shocked to see drops of water coming off the box of the fuse box.

I looked around outside and it looks like water is coming in where the big tube of wires goes into the house. It was dripping down the side of the box outside and running down that outer insulation that covers the wires.

I can see there is some water-proofing around that sheath of wires but it looks old and rotted.

What kind of waterproofing can I use to fix this?

How dangerous is it to have a little bit of water dripping off the bottom of the box in our house?

It really doesn't seem to be that much water but the idea of water and a fuse box just seems extremely dangerous.

Thanks for any feedback.

Steve